Binance CEO CZ Starts Working on Vitalik Buterin's "Safe CEX" Ideas
While long-term solutions will require the involvement of multisignature wallets and social recovery, Buterin highlighted two short-term alternatives - the custody and non-custodial exchanges.
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The collapse of many major crypto ecosystems in 2022 revealed the urgent need to revamp the way crypto exchanges work. Ethereum co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to provide stability to crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge ( zk-SNARK).
Following a discussion with angel investor Balaji Srinivasan and crypto exchanges such as Coinbase, Kraken, and Binance, Buterin recommended options for creating blockchain fund crypto proofs that can cover investor liabilities if needed , also known as Secure Centralized Exchanges (CEX).
Having a Safe CEX: Proof of Solvency and Beyondhttps://t.co/AKEweYZfj2
Many thanks to @balajis and @coinbase staff @binance @krakenfx for the discussion!
— vitalik.eth (@VitalikButerin) November 19, 2022The best case scenario, in this case, would be a system that does not allow crypto exchanges to withdraw funds from a depositor without their consent.
New ideas from Vitalik. I'm working on it.
Don't read the title out loud around people (Vitalik wrote it).https://t.co/AtR6KiSx5B
— CZ Binance (@cz_binance)
While long-term solutions will require the involvement of multisignature wallets and social recovery, Buterin highlighted two short-term alternatives - the custody and non-custodial exchanges.
New
The collapse of many major crypto ecosystems in 2022 revealed the urgent need to revamp the way crypto exchanges work. Ethereum co-founder Vitalik Buterin believed in exploring beyond “fiat” methods to provide stability to crypto exchanges, including technologies such as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge ( zk-SNARK).
Following a discussion with angel investor Balaji Srinivasan and crypto exchanges such as Coinbase, Kraken, and Binance, Buterin recommended options for creating blockchain fund crypto proofs that can cover investor liabilities if needed , also known as Secure Centralized Exchanges (CEX).
Having a Safe CEX: Proof of Solvency and Beyondhttps://t.co/AKEweYZfj2
Many thanks to @balajis and @coinbase staff @binance @krakenfx for the discussion!
— vitalik.eth (@VitalikButerin) November 19, 2022The best case scenario, in this case, would be a system that does not allow crypto exchanges to withdraw funds from a depositor without their consent.
New ideas from Vitalik. I'm working on it.
Don't read the title out loud around people (Vitalik wrote it).https://t.co/AtR6KiSx5B
— CZ Binance (@cz_binance)What's Your Reaction?
